Introducing a fairer way to exchange currency

What is a scheduled currency exchange?

Traditionally, when you buy and sell currency, you pay commission, or are given two different rates with a spread margin between them. Often, both. freemarket works differently. Our members exchange currency with each other at a single, fair, mid-market rate. These transactions happen in regular, scheduled exchanges.

Step 1: Book your exchange through the freemarket platform

Log in to your freemarket account, and select how much of which currency you would like to buy, and when, and where we should deposit the money. Your transaction will be added to the most appropriate scheduled exchange.

The minimum amount of currency you can exchange is £5,000, or its equivalent. There is no maximum limit.

Step 2: Deposit funds into your freemarket bank account

The bank account for your freemarket funds is a segregated escrow account, held by NatWest. Throughout the exchange, your money remains in an account you control, and all payments and withdrawals are carried out by NatWest; freemarket never holds your money.

Once you have cleared funds deposited in your account, you are ready to make an exchange.

Step 3: The exchange takes place

The freemarket algorithm automatically matches your funds with other members who need your funds, and vice versa. The requirements for each pair of currencies are aggregated, matching as many as possible.

These exchanges happen at the mid-market rate; the only cost is a 0.2% service charge on the value of the transaction.

Scheduled exchanges happen at least once per day, at noon (London time). It can be more often if a currency pairing is popular, or demand is high.

Step 4: We exchange unmatched currency requirements

Obviously, the total requirements for each currency will not always correspond. In such cases, we meet the unmatched currency needs at an institutional rate, through our partner RBS.

Step 5: We transfer the funds to your nominated account

Once the exchange is completed, we move the funds to your nominated account.

This normally takes place within 24 hours, but can be the next morning if an exchange has taken place at the end of the business day. We will always inform you if this is likely.

If this all sounds simpler and fairer to you, then take control of your own international exchange and apply for membership now.